Medical Device

Neovasc (NASDAQ:NVCN,TSX:NVCN) has announced that the Higher Regional Court in Munich, Germany, on appeal of Neovasc, has dismissed the case brought on by Edward Lifesciences CardiAQ against Neovasc in Germany. As quoted in the press release: In this case, CardiAQ had originally claimed full ownership rights to one of Neovasc’s European patent applications for its …

Neovasc (NASDAQ:NVCN,TSX:NVCN) has announced that the Higher Regional Court in Munich, Germany, on appeal of Neovasc, has dismissed the case brought on by Edward Lifesciences CardiAQ against Neovasc in Germany.

As quoted in the press release:

In this case, CardiAQ had originally claimed full ownership rights to one of Neovasc’s European patent applications for its Tiara™ (“Tiara”). In June, 2017, the first-instance court in Munich had awarded co-ownership rights to CardiAQ. Both parties had appealed this decision. CardiAQ withdrew its appeal for full ownership during the course of the appeal. In dismissing the remainder of CardiAQ’s case, the German court now found that CardiAQ had not contributed to the invention of the Tiara and found Neovasc to be the rightful inventor and owner of all rights to the disputed Tiara European patent application.

“We are pleased that after full consideration of the evidence, the German courts have now recognized that CardiAQ made no contribution to the invention or development of the Tiara,” stated Fred Colen, CEO of Neovasc. “With this decision, which we strongly believe would be confirmed, even if appealed to and accepted as a case by the German Supreme Court, Neovasc is free to pursue its European patent application and has the sole right to commercialize the Tiara in Europe and help treat patients suffering from debilitating mitral valve disease. We will continue to vigorously defend our intellectual property against any attempts by third parties to infringe on these rights.”

Click here to read the full press release.

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